EM Debt: Are Investors Looking At The Wrong Risks?

tum3123 Despite profound political risk in developed markets, market participants are still shouting that EM has all the political risk. They’re wrong, here’s why. The VanEck Emerging Markets Bond Fund (EMBAX) was up 1.65% in May, compared to 1.71% for its benchmark, the 50% J.P. Morgan Government Bond Index-Emerging Markets (GBI-EM) Global Diversified and 50%…

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What went wrong with capitalism

In his farewell address, Ronald Reagan described America as the “shining city on a hill”, open to “anyone with the will and heart to get here”. I was one of those inspired to try, and today the dynamic mix of academics and entrepreneurs who energise the world’s technology leader still strikes me as a marvel….

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There Is Nothing Wrong With S&P 500 Earnings

MicroStockHub Nvidia’s (NVDA) earnings weight is 3.2% within the S&P 500, while its market cap weight as of Thursday night’s, May 23rd ’24 close, was 5.8%. That earnings weight will likely close quickly over the next 12-18 months. This week, the S&P 500 closed at 5,304.72, while the close last week was 5,303.27. S&P 500…

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The Wrong Lessons of Pizza Day

The following is an excerpt on Bitcoin Pizza Day from “Fiat Ruins Everything” by Jimmy Song. Visit the Bitcoin Magazine Store to order a print, digital or audio copy of the book. Pizza Day is often viewed with a sense of regret. The well-known story goes like this: many years ago, Laszlo Hanyecz bought two…

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Palantir: The Market Is Wrong Again (NYSE:PLTR)

koto_feja Investment Thesis In our previous analysis from March 13, we anticipated the unavoidable correction in Palantir Technologies Inc. (NYSE:PLTR) stock following its significant gains, which we identified as an opportune moment for investors to enter or expand their positions. PLTR’s stock price stabilized after a period of volatility and moved sideways, providing an attractive…

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What Can Go Wrong When Everything Is Right

Sviatlana Zyhmantovich/iStock via Getty Images The major market averages rallied for a second week in a row, making it look more like the pullback that ensued in early April from fears over higher-for-longer interest rates has concluded. Corporate profits for the first quarter limited the drawdown, as earnings are now exceeding estimates, and the contribution…

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Samourai Did Nothing Wrong, Self Custodial Tools Are Not Money Transmitters

An announcement was put out today by the Justice Department that Keonne Rodriguez and William Hill had been arrested and charged with operating Samourai Wallet, “an unlicensed money transmitting business” that executed “unlawful transactions.” Fuck the Justice department, full stop. At no point did Samourai custody user funds, have control over user funds, and ESPECIALLY…

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Pfizer: The Market Is Wrong (NYSE:PFE)

Alexandros Michailidis Investment thesis My previous bullish thesis about Pfizer Inc. (NYSE:PFE) from October 2023 did not age well, as the stock delivered a -10% total return over the last half-year, substantially lagging behind the broader market. Despite it, today I want to reiterate my bullish thesis because recent developments suggest that the business continues…

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AbbVie Stock: I Was So Wrong, But This Is Way Too Fast (NYSE:ABBV)

JHVEPhoto I’ve underestimated biopharma company AbbVie Inc.’s (NYSE:ABBV) ability to overcome the near- and medium-term headwinds from Humira’s LOE. I assessed that the risk/reward of ABBV was well-balanced in my previous update in late November 2023. However, that Hold/Neutral thesis has proved to be too cautious. I had anticipated selling pressure to intensify, potentially leading…

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Arcutis Stock: Slow Sales Of Zoryve May Be Painting The Wrong Picture (NASDAQ:ARQT)

sruilk/iStock via Getty Images Investment Overview Arcutis (NASDAQ:ARQT) IPO’d back in January 2020, raising ~$160m via the issuance of 9.375m shares priced at $17 per share. At the time, the company described itself as follows: a late-stage biopharmaceutical company focused on developing and commercializing treatments for unmet needs in immune-mediated dermatological diseases and conditions, or…

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Blackbaud: Improving Trends, Wrong Price (NASDAQ:BLKB)

Ralf Hahn/iStock via Getty Images Background Several events since 2020 altered Blackbaud’s (NASDAQ:BLKB) future, including a security breach, a significant acquisition of EVERFI in 2021, and a monumental business change in 2023, all discussed in detail below. The security breach’s temporary costs are winding down while the business is inflecting positively due to pricing initiatives….

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GigaCloud Technology: Shorts Were Wrong, 5x EBITDA (NASDAQ:GCT)

xavierarnau Investment Thesis GigaCloud Technology (NASDAQ:GCT) operates a global business-to-business marketplace, connecting buyers and sellers for big and bulky products. Leveraging innovative technology and recent strategic acquisitions, such as Noble House, GigaCloud facilitates seamless transactions, enhances supply chain capabilities, and aims to revolutionize the way businesses engage in cross-border commerce. The business has a short…

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Bain Capital Specialty Finance: I Was Wrong About This 11% Yielding BDC (NYSE:BCSF)

tadamichi/iStock via Getty Images Against my expectations from last year, business development company Bain Capital Specialty Finance, Inc. (NYSE:BCSF) performed better than expected, which has led to the BDC’s stock sell for a lower discount to net asset value. The business development company profits from higher net investment income and debt yields in a rising-rate…

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Drivechains Are Stupid, Prove Me Wrong

Shinobi’s Strawman is a weekly series where our Technical Editor Shinobi challenges the Bitcoin community, aiming to stir up conversation around heated technical debates. ______________________________________________________________ We are going to try something of an experiment today. Drivechains are being proclaimed by some as the savior of Bitcoin, the answer to all of its problems. It solves…

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